Robust order wins (~| 5,000 crore lifetime orders in past 18 months; replacement + new business) imparts healthy revenue visibility in medium to long term. We build 25.4% (FY21-23E) consolidated sales CAGR Has orders from incumbent and new age EV OEMs including Ola Electric FY23E margins, RoCE seen at 12.2%, 16.8%. Acquisition of remaining 49% stake in JV with Stoneridge (for | 161 crore i.e. <6x FY21 EV/EBITDA) to be...